1/12/2016 04:30 PM
CIB would like to announce that it has, today, signed Sale and Purchase Agreements (SPAs) with a group of non-related Egyptian and Gulf investors for the sale of 71.94% of the share capital of CI Capital Holding ("CI Capital"), for a total transaction value amounting to EGP 683.4 Million, with a total company value of EGP 950 Million.
This comes in line with the bank's strategy to gradually exit from its subsidiaries and affiliated investments. Such strategy, which was previously announced to the market, has been adopted in order to enable CIB to focus exclusively on its core banking activities and enhance its leading position in the market.
The transaction was structured as a book building process that targeted prominent local and regional individual and institutional investors. It is noteworthy that CIB plans on maintaining a minority stake in CI Capital Holding and will continue to provide its support to the company during the foreseeable future.
The completion of the above-mentioned transaction also aims to bring CI Capital one step closer to further institutionalizing the business and broadening its shareholding base through a potential public offering in the near future.
The transaction is expected to be finalized once all necessary regulatory approvals are obtained.
CIB will keep the market informed with any updates on the matter.